镁信健康再闯港交所，三年累亏超8亿元，内忧外患求上市

Core Viewpoint - Magnesium Health is attempting to go public in Hong Kong despite facing significant financial losses and regulatory challenges, with a valuation reaching "hundreds of billions" [1] Financial Performance - Magnesium Health's revenue from 2022 to 2024 is projected to grow from 10.69 billion to 20.35 billion, with a compound annual growth rate of approximately 38% [2] - The company reported net losses of 4.46 billion, 2.88 billion, and 757.7 million over the same period, totaling 8.1 billion in losses [2] - Sales and distribution expenses remain high, reaching 6.74 billion in 2024, despite a decrease in percentage from 52.1% in 2022 to 33.1% in 2024 [4] Business Model - The company operates two main business segments: Smart Drug Solutions and Smart Insurance Solutions, which together account for over 95% of its revenue [3] - Smart Drug Solutions generated 6.59 billion in 2022, while Smart Insurance Solutions contributed 3.82 billion [3] - The gross margin for Smart Insurance Solutions improved from 72% in 2022 to 81.5% in 2024, yet this has not mitigated overall losses [4] Regulatory Challenges - Magnesium Health has faced multiple regulatory issues, particularly concerning its "drug-to-insurance" business model, which has been criticized for violating traditional insurance principles [5][6] - The company was specifically named in regulatory warnings regarding its special drug insurance products, leading to adjustments in its business model [6] - Regulatory scrutiny has raised concerns about the company's future growth in the special drug insurance market, impacting its profitability [6] Legal Disputes - The company is involved in ongoing legal disputes with former partner Tianxiao Technology, which has accused it of trade secret infringement [7] - Magnesium Health's wholly-owned subsidiary, Magnesium Insurance Brokerage, has also faced regulatory penalties for compliance failures [8] Market Sentiment - The company has experienced a significant slowdown in fundraising, with its latest round raising only 178 million compared to over 2 billion in previous rounds [8] - The overall market sentiment is cautious, especially following the poor stock performance of similar companies post-IPO [8]